Direct Payday Lenders

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Direct Payday Lenders
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What are Direct Payday Lenders
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When it comes to the different types of online
lenders there are several key differences to
account for within the market place. Quite often
many consumers are not aware of these differences
and as such may not end up getting the product
they originally had hoped for. Today we will be
discussing the different type of lenders who
offer borrowing resources online and how their
service can vary. For the purpose of this article
we are specifically referring to the payday loans
market where a small sum of money is borrowed for
an agreed period of time. Although there are
several different ranges of borrowing which can
be accessed online, the most commonly used is the
payday loans market. These online loans are often
now offered as installment loans instead of the
more dated model known as the payday loan but
ultimately these are all terminology for the same
type of lending resource as described.
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For a consumer who is looking to borrow a small
sum of money, there are several different choice
to consider. Some of us may turn to our overdraft
as a temporary measure for covering an unexpected
cost, whereas others may use an existing resource
such as a credit card. For consumers who have the
ability to borrow a small sum of money from
either their family or friends, this will of
course be the cheapest option. Outside of these
options for borrowing a small sum of money there
is online borrowing. As mentioned above
the online market for borrowing money comes in
several different shapes and sizes so to speak.
This is because there are different types of
lenders who operate within the market place. Take
for example the direct payday lenders. Direct
payday lenders are the lenders who offer a
borrowing service in a direct manner and this
means an applicant can apply for a sum of money
and the decision as to whether the application is
successful or not will come from the same source.
Direct payday lenders, given they make decisions
internally will normally not charge a fee for the
service they provide and instead allow consumers
the ability to apply free of charge regardless
of the outcome.
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As well as direct payday lenders there are also
loan brokers who operate within the online market
for borrowing money. Unlike direct payday lenders
a loan broker will not offer the ability to
borrow directly and instead will provide the
service of finding and therefore suggesting a
suitable lender. This means the broker does not
actually provide a facility for borrowing and
instead offers somewhat of a comparison to be
considered by the applicant. In the case of loan
brokers, given their service uses sources
external to their business, there is often a fee
for the service offered. This means when applying
through a loan broker, instead of direct payday
lenders, the applicant may have to pay a fee
without a loan being granted. Depending on the
needs of the individual it may be that this type
of service is suitable but for those who are
ultimately looking to keep the overall costs
down, direct payday lenders are likely better
suited.
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